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Swiggy is a popular online food ordering and delivery platform in India. It recently received an approval from the Securities and Exchange Board of India (SEBI) to raise capital through its much-anticipated initial public offering (IPO). In addition to Swiggy, SEBI has given the green light to the IPOs of Hyundai Motor, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery as well, according to an Economic Times report.
Established in 2014, the food ordering and delivering platform, headquartered in Bangalore, was co-founded by Indian entrepreneur Sriharsha Majety, along with Nandan Reddy and Rahul Jaimini. Swiggy is currently operational in over 500 cities and Majety serves as the CEO of the company. Here are some interesting facts about this Indian entrepreneur, who leads one of the most successful companies in the country.
Swiggy co-founder and CEO Sriharsha Majety has a staggering net worth of Rs 1,400 Crore. Here's how much he draws as a monthly salary & 6 other things you need to know about the Indian entrepreneur
Born in Andhra Pradesh, Swiggy co-founder Sriharsha Majety comes from a family of entrepreneurs. His father owned a restaurant while his mother was a doctor, according to DNA.
After completing his schooling in Andhra Pradesh, Majety pursued engineering at the prestigious Birla Institute of Technology and Sciences (BITS) in Rajasthan.
Soon after completing his Bachelor’s in Engineering from BITS Pilani in 2008, Majety enrolled himself in a Master's program in Physics at the prestigious university. He then took a year off, during which he cleared Level 2 of the CFA Program before joining IIM Calcutta — from where he received a Post-Graduate Diploma.
The Swiggy co-founder and CEO began his professional career as an associate at Nomura International, a London-based company. After a year, he quit the job and pursued his passion for travel. "I travelled 3500 kms from Portugal to Greece by bicycle over 3 months and continued overland from Turkey to Kazakhstan through public transport and hitchhiking. Using the time from the career switch to gain some perspective and learn more about the world we live in has been my most rewarding decision till date," he wrote on LinkedIn.
After returning to India, Majety teamed up with Nandan Reddy to launch Bundl, an aggregator for courier services. However, the absence of strong tech support resulted in a failure for entrepreneurs.
Joined by Rahul Janimini, a skilled coder, the duo rebranded their company Bundl into an on-demand food ordering and delivering platform, and launched Swiggy in 2014. The move turned out to become a masterstroke for the trio as Swiggy gained instant popularity, ultimately reaching a valuation of $10.7 billion (approximately Rs 87,500 crore) in January 2022, according to DNA.
According to Mint, Financial Express and publicly available data, Majety has an estimated net worth of Rs 1,400 crore. The successful Indian entrepreneur, who prefers to stay away from the limelight, drew a salary of Rs 1 crore in 2019, according to a DNA report.
